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No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us
Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

October 1999

European brokers poll: Country by Country





The amorphous sector challenge
European brokers poll: Best overall
European brokers poll: Sectoral research
European brokers poll: Methodology

99 98 Score
Austria: research
1 CA IB Investment Bank 14
2 1= Dresdner Kleinwort Benson 10
3 1= Erste Bank 6
Execution
1 Dresdner Kleinwort Benson 12
2 CA IB Investment Bank 10
3 Deutsche Bank 8
4 Citibank/Salomon Smith Barney 7
5 1 Erste Bank 6
Belgium: research
1 1 Petercam 24
2 2 Vermeulen-Ramdonck 10
3= KBC Securities 8
3= Bank Degroof 6
5 Williams de Bröe 5
Execution
1 4 Merrill Lynch 12
2 1 Petercam 11
3 2 Vermeulen-Ramdonck 6
Denmark: research
1 5 Carnegie 25
2 1 Alfred Berg 24
3 4 Den Danske Bank 14
4 2 SEB 12
Execution
1 1 Alfred Berg 21
2 5 Carnegie 11
3 2= SEB 10
Finland: research
1 1 Alfred Berg 22
2 2 SEB 19
3 3 Merita Securities 13
4= 4 Carnegie 10
4= Cazenove 10
Execution
1 2 Alfred Berg 28
2= 3= Carnegie 16
2= 1 SEB 16
4 3= Merita Securities 6
France: research
1 1= Crédit Agricole Indosuez Cheuvreux 38
2 4 Exane 30
3 3 Banque Paribas 21
4 SG Securities 20
5 Crédit Commercial de France 14
Execution
1 4 Exane 24
2 SG Securities 21
3 3 Banque Paribas 17
4 2 Crédit Agricole Indosuez Cheuvreux 11
5 Warburg Dillon Read 8
Germany: research
1= 1 Deutsche Bank 30
1= 2 Dresdner Kleinwort Benson 30
3 3 Merrill Lynch 15
4 4 Warburg Dillon Read 12
5 Schroders 9
Execution
1 2= Deutsche Bank 20
2 1 Dresdner Kleinwort Benson 17
3 2= Merrill Lynch 12
4 5 Warburg Dillon Read 11
5 4 Credit Suisse First Boston 8
Greece: research
1 1= Sigma Securities 25
2 Alpha Credit Bank 9
3 Midland Pantelakis Securities 8
4 1= Telesis Securities 7
Execution
1 1 Sigma Securities 21
2 Citibank/Salomon Smith Barney 6
3 Merrill Lynch 5
Ireland: research
1 1 Davy Stockbrokers 21
2 2 NCB (AIB) 13
3 3= Goodbody Stockbrokers 10
Execution
1 1 Davy Stockbrokers 20
2 2= NCB (AIB) 12
Italy: research
1 1 Warburg Dillon Read 17
2 2= Intermobiliare 14
3 2= San Paolo-Imi 13
4= Deutsche Bank 10
4= 5= Schroders 10
Execution
1 1 Warburg Dillon Read 18
2= Credit Suisse First Boston 6
2= Schroders 6
4 Lehman Brothers 5
Netherlands: research
1 MeesPierson 26
2 2 ABN Amro 25
3 1 ING Barings 22
4 4= Warburg Dillon Read 14
5 HSBC Securities 11
6 Friesland Bank Securities 8
Execution
1 1 ABN Amro 16
2 3 MeesPierson 8
3= 2 ING Barings 7
3= Wesselirs 7
5 Warburg Dillon Read 6
Norway: research
1 1 Alfred Berg 23
2 3 Carnegie 14
3 2 SEB 13
4 4= Cazenove 8
Execution
1 2 Alfred Berg 23
2= 3= Carnegie 11
2= 1 SEB 11
4 Merrill Lynch 5
Portugal: research
1 Banco Santander Central Hispano 17
2 1= Banco Espirito Santo 13
3 4 Schroders 12
4 Banco Finantia 8
5= Banco Portugues de Investimento 5
5= 3 Merrill Lynch 5
Execution
1 3 Citibank/Salomon Smith Barney 10
2 Warburg Dillon Read 7
3= 1= Banco Espirito Santo 6
3= * Banco Santander
ranked 1=
Banco Santander Central Hispano 6
Spain: research
1 Banco Santander Central Hispano 29
2 1 Merrill Lynch 20
3 6 Banco de Negocios Argentaria 16
4 2= Schroders 13
5= Ahorro Corporacion 12
5= 2= Warburg Dillon Read 12
Execution
1 2= Banco de Negocios Argentaria 10
2 Banco Santander Central Hispano 9
3= 1 Merrill Lynch 8
3= Schroders 8
3= 2= Warburg Dillon Read 8
Sweden: research
1 2 Alfred Berg 32
2 3 Carnegie 29
3 1 SEB 21
4= 5= Aros Securities 8
4= 4 Goldman Sachs 8
Execution
1 2 Alfred Berg 31
2 1 SEB 23
3 3 Carnegie 13
4 Morgan Stanley Dean Witter 7
Switzerland: research
1 1 Warburg Dillon Read 40
2 3 Bank Julius Baer 25
3 2 Credit Suisse First Boston 22
4= 4 Pictet 13
4= Vontobel 13
Execution
1 1 Warburg Dillon Read 26
2 3 Bank Julius Baer 13
3= 2 Credit Suisse First Boston 8
3= 4 Pictet 8
5 Vontobel 6
United Kingdom: research
1= 3 Merrill Lynch 16
1= 2 Warburg Dillon Read 16
3 Deutsche Bank 15
4 4 HSBC Securities 14
5 5 Dresdner Kleinwort Benson 8
Execution
1 2 Merrill Lynch 16
2 1 Warburg Dillon Read 15
3 5= HSBC Securities 14
4 Credit Suisse First Boston 6
5 4 Dresdner Kleinwort Benson 5


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I’m learning new tricks at the moment. For example, I have to spend the day with our private bankers in Mayfair, so I have hired a poodle and am practising walking it

One investment bank structurer on his way to explain to the private bank how to market some of their structured products

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